“Trump, duties, and uncertainty: bitcoin dips to $104,000The cryptocurrency market is showing instability due to Trump’s statements about the possible introduction of 100% duties for the
BRICS countries. Bitcoin fell by 1.1% after threats of new trade restrictions with Canada, Mexico, and China.”, — write: unn.ua
Details
Bitcoin declined on Friday and showed unstable dynamics throughout the week. The main cause of concern in the market was Donald Trump’s statements about possible new duties that could affect global trade. Additional caution among investors was caused by expectations of an inflation report in the US, which could affect the Federal Reserve’s decision on interest rates.
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Bitcoin experienced sharp fluctuations during the week. At first, it dropped below $100,000 after news of the launch of a powerful Chinese artificial intelligence model, which triggered a large-scale sell-off in risky assets. However, the cryptocurrency later recovered its position and remained in the range of $100,000 to $105,000.
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On Friday, bitcoin fell by 1.1%, settling at $104,379.
The day before, Donald Trump made another loud statement. He threatened to impose 100% duties on the BRICS countries if they try to create their own currency and abandon the dollar.
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Just a few hours earlier, he also confirmed that 25% duties on imports from Canada and Mexico, as well as a 10% duty on Chinese goods, could come into effect in the coming days.
The threat of trade restrictions has raised fears of a possible global economic slowdown, forcing investors to abandon risky assets, including cryptocurrencies.
Ethereum rose by 1.6% to $3,243.87, while XRP lost 1% to trade at $3.0866. The $TRUMP memecoin continues to fall, losing another 7.2% and trading 60% below its all-time high. Dogecoin is down 1.2%, while Solana, Cardano, and Polygon remain within a range of minor fluctuations.
The cryptocurrency market remains volatile. Traders are awaiting the publication of the PCE price index in the US, a key inflation indicator that could influence the Fed’s decision on interest rates.
Recall
Yesterday, bitcoin began to rise, recovering its position after recent losses. This happened against the backdrop of the US Federal Reserve’s decision to leave interest rates unchanged, which was generally in line with market expectations.